A common definition of "economics" is that it is the study of
A) the allocation of scarce resources to satisfy competing wants.
B) maximizing net personal disposable income.
C) the factors underlying financial markets.
D) maximizing personal financial wealth.

Question

Quizplus · Accepted Answer

Economics is the study of how individuals, businesses, governments, and societies allocate scarce resources to satisfy unlimited wants. This involves analyzing how incentives, prices, markets, and institutions shape and influence economic decision-making. Economics is not solely concerned with maximizing personal financial wealth or disposable income, nor is it only about financial markets.

A Common Definition of "Economics" Is That It Is the Study